Summary
Exxon Mobil Corporation's (XOM) 2021 10-K filing demonstrates a significant recovery and robust financial performance, largely driven by a rebound in global energy demand and stronger commodity prices following the COVID-19 pandemic. The company reported substantial net income attributable to ExxonMobil of $23.04 billion, a dramatic turnaround from the $22.44 billion net loss in 2020. This improved profitability was fueled by strong performance across all segments, particularly the Upstream business, which benefited from higher crude oil and natural gas realizations. Strategically, ExxonMobil is investing in a portfolio of low-cost-of-supply opportunities, including significant projects in Guyana, Brazil, the Permian Basin, and Mozambique. The company is also advancing its Low Carbon Solutions business, investing in carbon capture and storage, hydrogen, and biofuels, alongside efforts to reduce its operational emissions. The company's financial strength is underscored by a substantial reduction in debt and a focus on capital discipline, positioning it to navigate the evolving energy landscape while aiming for long-term shareholder value creation. Investors should note the company's planned capital expenditures for 2022, expected to be in the range of $21 billion to $24 billion.
Financial Highlights
48 data points| Revenue | $276.69B |
| R&D Expenses | $843.00M |
| SG&A Expenses | $9.57B |
| Operating Expenses | $254.41B |
| Interest Expense | $947.00M |
| Net Income | $23.04B |
| EPS (Basic) | $5.39 |
| EPS (Diluted) | $5.39 |
| Shares Outstanding (Basic) | 4.28B |
Key Highlights
- 1ExxonMobil reported a net income of $23.04 billion in 2021, a significant recovery from a $22.44 billion net loss in 2020, driven by higher energy prices and demand.
- 2Upstream segment earnings saw a dramatic increase, reflecting strong performance in crude oil and natural gas production and sales.
- 3The company is actively investing in major growth projects, including significant developments in Guyana, Brazil, the Permian Basin, and Mozambique.
- 4ExxonMobil is progressing its 'Low Carbon Solutions' business, focusing on carbon capture and storage, hydrogen, and biofuels, and aims for net-zero emissions from operated assets by 2050.
- 5Total capital and exploration expenditures were $16.6 billion in 2021, with plans to invest $21 billion to $24 billion in 2022.
- 6The company significantly reduced its total debt by $19.9 billion in 2021, ending the year with $47.7 billion in total debt, enhancing its financial flexibility.
- 7Proved oil and natural gas reserves stood at 18.5 billion oil-equivalent barrels at year-end 2021, with a significant portion being proved undeveloped reserves.